Thailand consumer lending remains robust in 2023, with double-digit growth rates in gross lending as the category continues to recover from the COVID-19 pandemic. The rise in private consumption and the revival in tourism has led to an upturn in consumer confidence across Thai society.
The Thai economy continues to rebound in 2023, driven by improved domestic consumption. The financial industry is capitalising on the general recovery in business and consumer confidence by providing more targeted consumer loans in a bid to drive revenues.
In 2023, mortgages/housing witnessed limited growth as consumers faced with high level of household debt put off house moves. In addition, the increase in interest rates has led to higher monthly instalments and tighter credit limits, particularly among the vulnerable who cannot afford the monthly repayment.
In Thailand, the BNPL financial model is becoming popular with consumers and continues to grow rapidly as the number of products expands. Consumers enjoy the flexibility of BNPL and it is accessible to those with limited financial means, as well as the younger generation that do not have a credit profile.
Consumer lending is expected to witness robust growth in line with economic expansion in the forthcoming years. Private consumption should continue to recover fully from the pandemic, with a further upturn in the consumer confidence index.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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